the optometrists registration board of...ocanz, also at cora's request, is reviewing its...

THE OPTOMETRISTS REGISTRATION BOARD

OF

WESTERN AUSTRALIA

ANNUAL REPORT&

FINANCIAL STATEMENTS

Period Ended 17 October 2010

TABLE OF CONTENTS

PAGE

Board's Report (3)

Complaints Assessment Committee Report to the Board (10)

Statement by the Registrar (12)

Independent Audit Report (13)

Statement of Comprehensive Income (15)

Statement of Financial Position (16)

Statement of Changes in Equity (17)

Statement of Cash Flows (18)

Notes to the Financial Statements (19)

Auditor's Disclaimer (25)

Detailed Income and Expenditure Statement (26)

2

THE OPTOMETRISTS REGISTRATION BOARDOF WESTERN AUSTRALIA

ANNUAL REPORTFOR THE PERIOD ENDED 17 OCTOBER 2010

1. MEMBERS OF THE BOARD

The members of the Board during the period of this report are:

Anne Durack (Legal Member)Garry FitzpatrickLisa JansenMichael LaiLily WegrzynowskiMs Karen EdelmanMr Stephen LeslieMs Liz Benson (Consumer Representative)

In accordance with Section 7 of the Act a Presiding Member and Deputy Presiding Memberwere elected as follows:

Ms Anne Durack Presiding MemberMr Garry Fitzpatrick Deputy Presiding Member

The Registrar is Mr C D Emmott.

2. MEETINGS

The Board conducted two meetings for the period ended 17 October 2010:

17 August 20106 October 2010

Attendance of Members at the meetings was as follows:

Ms A Durack 2

Ms L Benson 2

Ms K EdelmanMr G Fitzpatrick 2

Ms L Jansen 2

Mr M Lai 1

Mr S LeslieMs L Wegrzynowski 0

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3. REGISTER OF OPTOMETRISTS

a) Applications under the Optometrists Act 2005

Applications for registration under the Optometrists Act 2005 were approved for2 persons whose names were entered in the Register.

b) Mutual Recognition Applications

Applications for registration under the Mutual Recognition Act (WA) 2001 wereapproved for 2 persons whose names were entered in the Register.

c) Trans Tasman Mutual Recognition Applications

Applications for registration under the Trans Tasman Mutual Recognition Act (WA)2007 were approved for 2 person whose name was entered in the Register.

d) Deletions from Register

48 Optometrists were removed from the Register during the period due to eithervoluntary withdrawal or lapsing as a result of non-payment of the annual licence fee.

e) Restoration to the Register

Following consideration of their applications to restore to the Register, I Optometristswere approved by the Board for restoration to the Register.

c) Registered Optometrists

364

4. ADMINSTRATIVE ARRANGEMENTS

The day to day administration work of the Board is undertaken by the Registrar, Assistant to theRegistrar and other secretarial support provided on a fully serviced office basis in accordance withan Engagement Agreement. Other specialist consultation services are determined as required bythe Board.

The majority of telephone enquiries received are able to be resolved by the administration staff.However, on the occasions where further expertise is sought, the calls are passed to a member ofthe Board.

The Board's office is located on Level 4,130 Stirling Street, Perth WA 6000. The office is openweekdays during the hours 9.00 am to 5.00 pm. Contact can be made by telephone on (08) 92277655 or facsimile (08) 9227 7944.

4

Correspondence to the Board should be addressed to:-

The RegistrarOptometrists Board of Western AustraliaPO Box 8124PERTH WA 6849

Registrar:Assistant:

5. FEES

Mr Colin I) EmmoitMrs Kim Firth

The fees for the period ended 17 October 2010 were as follows:

Registration feeApplication feeApplication fee (in respect of an applicantwith overseas qualifications)Restoration feeAnnual registration fee

6. STATUTORY

6.1. Act & Rules

$250.00$150.00

$250.00$75.00

$250.00

The Optometrists Act 2005 was passed through Parliament in November 2005, theRegulations were gazetted in the Act was proclaimed to be effective from20 April 2007.

6.1.1 Definition of Optometry

(a) the employment of methods for the measurement of the powers of vision;

(b) the prescribing of optical appliances to correct, remedy or relieve defectsof vision;

(c) the adaptation of lenses and prisms for the aid of the powers or vision;and

(d) fitting contact lenses.

6.1.2 Committees

In accordance with Division 2 of the Act, the Board is required to establish thefollowing Committees:

Complaints Assessment Conunittee (Section 49(1))Impairment Review Committee (Section 50(1))

In addition to the above, in accordance with Section 15 of the Act, the Boardmay from time to time establish any other committee.

6.1.3 Meetings and Minutes of MeetingsIn accordance with Section 20(1) of the Act, every meeting of the Board is opento members of the public. However:

(a) the Board may determine that in any particular case a meeting, or part ofa meeting, of the Board is to be closed;

(b) where a meeting concerns a proceeding under Part 5 of the Act relating todisciplinary or impairment matters this part may be closed to the public.

6.1.4 Registration

Part 4 of the Act deals with the registration of optometrists.

(a) In accordance with Section 30 of the Act the Board has determined thatall registered optometrists shall hold professional indemnity insurance asa condition of initial and continued registration. The Board has producedguidelines which are available on its website atwww.optoboard.wa.gov.au.

(b) In accordance with Section 32, registration confers on the personregistered the right to carry on in WA the practice of optometry under thetitle of "Optometrist" or "optician".

(c) The renewal date for registration is 30 June each year.

(d) Sections 42-46 outline the notifications which optometrists are requiredBoard in varying circumstances. Optometrists have been

advised of this requirement.

Part 5 of the Act deals with disciplinary and impairment matters and outlines thesteps to be taken following notification of a complaint or impairment matter tothe Board.

Part 7 of the Act deals with codes of practice, rules and regulations.

The Board may, with the approval of the Minister, issue codes of practice for thepractice of optometry and the conduct of optometrists.

As yet the Board has not formulated such codes.

6.1.5 State Administration Tribunal

With effect from January 2005 a new State Government tribunal has takenover some of the disciplinary functions of the Board.

The tribunal deals with the determination of Inquiries, the appeal process,dispute resolution and handling of professional disciplinary matters.

6.1.6 State Records Act 2000

Under Section 19 of the State Records Act 2000 the Board is required to havea Record Keeping Plan ( "RKP ") in place. The MCP provides an accurate

6

reflection of the record keeping program of the Board and must be compliedwith by the Board and its staff.

The RKP for the Board has been approved by the State Records Commissionuntil 2010.

In accordance with Standard 2 Principle 6 of the Act:

1. The efficiency and effectiveness of the Board's record keeping systemsare evaluated on a regular basis and will be evaluated at the time of thereview of the RKP.

2. The Board conducts a recordkeeping training program for staffinvolved in records management, covering topics such as the Board'sobligations under the Act, procedures regarding creation, managementand disposal of records.

3. The efficiency and effectiveness of the record keeping training programis reviewed every 6 months.

4. The Board's induction program addresses employees' roles andresponsibilities in regard to their compliance with the RKP.

6.1.7 Freedom of Information

Part 5 of the Freedom of Information Act 1992 requires the Board to prepare,publish and maintain an up to date Information Statement.

Copies of the Information Statement can be obtained from the Board's officefree of charge or can be downloaded from the Board's website.

No requests for release of information under the Freedom of Information Acthave been received by the Board during the year.

6.2 Trans Tasman Mutual Recognition

The Trans Tasman Mutual Recognition Agreement (TTMRA) is an extension of theAustralian Mutual Recognition Agreement to include New Zealand.

During the year ended 30 June 2010 an amendment to the Optometrists Regulations2007 was received to enable the charging of fees in order to register applicants under theTrans Tasman Mutual Recognition (WA) Act 2007.

Fees charged in relation to applications under TTMRA are the same as those chargedunder the Optometrists Act 2005.

63. Therapeutic Drugs

At the 2002 Conference of Regulating Authorities (CORA), CORA requested theOptometry Council of Australia and New Zealand (OCANZ) develop strategies using thetherapeutic competencies developed by the Optometrists Association of Australia toassess post-graduate training in therapeutics.

7

OCANZ, also at CORA's request, is reviewing its guidelines on assessment ofundergraduate training in therapeutics to incorporate the competencies, and is developingan examination to assess the therapeutic competence of overseas-trained optometristsseeking approval to use S4 drugs.

The overall aim is to provide the Registration Boards in Australia and New Zealand witha uniform basis upon which to approve applicants for therapeutic practice.

The first legislation to permit optometrists to prescribe ocular medication was in 1996 inVictoria.

An extensive list of therapeutic drugs has been approved for use and prescribing byOptometrists in Victoria. Tasmania passed their legislation shortly after and has givenprescribing rights to Optometrists.

Since that time all other States and Territories other than Western Australia havelegislated to permit optometrists to prescribe ocular medications.

Most Western Australians can obtain optometric care easily. Approximately275 optometrists practise in 275 locations servicing 107 suburbs and towns around

Western Australia. Care in remote areas is more difficult to obtain. In most parts ofWestern Australia optometrists are the only source of specialist eye care. In contract,ophthalmological care is difficult to obtain outside of Perth and a few major populationcentres.

Optometrists could, if legislation permitted (as in every other State and Territory ofAustralia) address much of the unmet need for primary eye care and reduce the demandfor ophthalmological care in Western Australia. Optometrists could make significantcontributions to reducing admissions into hospitals for patients with eye problems,reducing waiting times for eye surgery, providing immediate relief for acute ocularconditions and helping manage chronic eye disease in the community where it is needed.

The indigenous community remains poorly serviced in eye care as it does in other areasof health. Aboriginal people suffer from more eye disease per capita than the generalcommunity and suffer from some conditions such as trachoma, that are rarely seen in the

general community. The eye health of the indigenous community would benefitsignificantly if optometrist were permitted to prescribe the medicines that are needed totreat the eye conditions that affect them. To prevent optometrists from delivering thiscare is poor public health.

Western Australia does not have a local optometry course and so relies for its optometricworkforce on optometrists moving from the eastern States. The current legislation inWestern Australia (which does not allow suitably qualified optometrists to practise aseducated) acts as a substantial disincentive to them in choosing to work in this State inpreference to other locations. As a result, Western Australia is experiencing increasingdifficulties attracting new and experienced graduates to practise in the State.

The Board has over the years made submissions on proposed amendments to the PoisonsAct. The Board supports the proposed amendments and has suggested that the Board bethe appropriate body to assess competencies in light of the developments nationally.

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6.4 Diagnostic Drugs

Following submission at the November 2003 Australian and New Zealand Conferenceof Optometrists Registration Boards, there was consensus by all Registration Boards thatconsideration should be given to not renewing licences of those registered optometriststhat did not hold a licence from the Health Department for the use of diagnostic drugs.

The issue raised was that without using diagnostic drugs, eye disease may go undetectedduring a consultation.

The Board considered this issue and circularised all registered optometrists in this stateadvising them of the debate occurring at the National level and that a possible outcomemay be the inability of optometrists to renew their registration without a licence to usediagnostic drugs.

The Board arranged for a diagnostic drugs course to be held at Queensland University ofTechnology on 24 and 25 March 2007. The satisfactory completion of this course willallow registered optometrists in Western Australia to be licensed under The Poisons Act1964 in the use of diagnostic drugs.

Further consideration will be given by the Board as to the appropriate action to be takenregarding those optometrists who are not licensed to use diagnostic drugs.

6.5 Novelty Contact Lenses

All optometrical Registration Boards in Australia have been expressing concern inrelation to the sale of non-corrective contact lenses (also known as piano or noveltycontact lenses).

These lenses are used to change the colour of the wearer's eyes.

Whilst these devices have no power of magnification associated with their use and haveno clinical benefit to the wearer, they are still a medical device that comes into contactwith the eye. They should, therefore, be treated in the same regard as a powered contactlens.

When fitting any lenses on the eye, the only consideration is not just magnificationpower, but includes:

DiameterBase CurveColour and TintMaterial

All these elements form the basis of a prescription for contact lenses.

The Board's concerns are:

Improper use of contact lenses may cause permanent damage to the eyes.

Presently contact lenses are being sold in pharmacies, service stations and bybeauty therapists.

9

There is no justification for a differing regulatory environment between poweredand non-powered contact lenses the effect on the cornea is the same.

There is a range of examples from Australia, New Zealand and overseas that realand lasting damage has been caused by non-prescription, non-powered contactlenses.

The Board was advised by the Department of Health that it would be difficult to regulatethe sale of these lenses under the new Act.

The Board's position is that these lenses should not be supplied to the public unless avalid contact lens prescription can be provided.

This would ensure three positive outcomes:

1. The ocular health and suitability of a potential contact lens wearer would beproperly assessed and considered. Correct hygiene and handling procedureswould also be taught,

Additionally, this would also allow for proper after-care consultation andassessment of how the lenses and the patient are performing.

2. Only persons capable and competent in dealing with optical prescriptions wouldbe dispensing these devices.

3. Eye test should be undertaken before any prescription was given, ensuring earlydetection of any eye disease.

6.6 Fitness to PracticeNo impairment matters have been investigated by the Board during the period.

6.7 NewslettersThe Board has continued to disseminate any relevant information to registrants byway of a newsletter. The newsletters are produced on an ad hoc basis by the Board, asand when required. Copies of the newsletters are published on the Board's website.

7. COMPLAINTS

It is a legal requirement that a copy of any complaint received by the Board be forwarded to the

Office of Health Review.

All complaints received by the Board are subject to Freedom of Information legislation.

See the Annual Report from the Complaints Assessment Committee.

8. CONFERENCES AND MEETINGS

The 2009 Australian and New Zealand Conference of Optometrists Registration Authorities(CORA) was held at The Langham, Melbourne on 26 October 2009.

Among the items considered at the CORA Conference were:

National RegistrationReporting suspensions between jurisdictionsTiming of the heads of school reports on their courses to OCANZ

10

Overseas applications for registrationStudent registration requirement in Victoria.Generic title for optometrists authorised to use therapeutic drugsMembership of the World Council of Optometry

9. THE OPTOMETRY COUNCIL OF AUSTRALIA AND NEW ZEALAND

The establishment of The Optometry Council of Australia and New Zealand (OCANZ) arosefrom a decision of CORA to set up a national optometric assessment and accreditationauthority. Its proposed role is twofold:

as a national examination authority for overseas applicants seeking registration inAustralia; and

as an accreditation authority for Australian and New Zealand optometry schools whosegraduates seek registration.

OCANZ currently has the support of all State and Territory registration Boards. TheWestern Australian Board supports the constitution and primary goals of OCANZ and has metthe contribution by the Boards of an amount equivalent to $29 per registrant per annum for the

funding of OCANZ.

REGISTRAR

22- AVc.p..fr c-9-.)"DATE

11

THE OPTOMETRISTS REGISTRATION BOARD OFWESTERN AUSTRALIA

STATEMENT BY THE REGISTRARFOR THE PERIOD ENDED 17 OCTOBER 2010

1. Colin Emmott, the Registrar of the Optometrists Registration Board of Western Australia, herebystate that in my opinion:

I . (a) the accompanying Statement of Comprehensive Income for the period July 2010 to 17October 2010 gives a true and fair view of the Board's deficit for the period;

(b) the accompanying Statement of Financial Position for the period ended 17 October2010 gives a true and fair view of the Board's state of affairs as at that date; and

(c) at the date of this statement, there are reasonable grounds to believe that the Boardwill be able to pay its debts as and when they fall due.

2. During the financial period the Board has:

(a) kept such accounting records as correctly record and explain its transactions andfinancial position;

(b) so kept its accounting records that true and fair accounts of the Board can be preparedfrom time to time; and

(c) so kept its accounting records that the accounts of the Board can be conveniently andproperly audited.

3. The accounts have been properly prepared by a competent person.

Colin Emmott Registrar

Dated 2Z /ot / it

12

0 Grant Thornton

10 Kings Park RoadWest Perth WA 6005PO BOX 570West Perth WA 6872

T +61 8 9480 2000F +61 8 9322 7787E [email protected] www.grantthomton.com.au

Independent Auditor's ReportTo the Registrants of Optometrists Registration Board of Western Australia

We have audited the accompanying financial report of the Optometrists Registration Boardof Western Australia (the "Board"), which comprises the statement of financial position asat 17 October 2010, and the statement of comprehensive income, statement of changes inequity and statement of cash flows for the period ended on that date, a summary ofsignificant accounting policies and other explanatory notes to the financial statements andthe statement by the Registrar.

Responsibility of the Board and Registrar for the financial reportThe Board and Registrar are responsible for the preparation and fair presentation of thefinancial report in accordance with Australian Accounting Standards (including theAustralian Accounting Interpretations) and the Optometrists Act 2005. This responsibilityincludes establishing and maintaining internal controls relevant to the preparation and fairpresentation of the financial statements that are free from material misstatement, whetherdue to fraud or error, selecting and applying appropriate accounting policies, and makingaccounting estimates that arc reasonable in the circumstances.

Auditor's responsibilityOur responsibility is to express an opinion on the financial report based on our audit.. Weconducted our audit in accordance with Australian Auditing Standards, which require us tocomply with relevant ethical requirements relating to audit engagements and plan andperform the audit to obtain reasonable assurance as to whether the financial report is free ofmaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial report. The procedures selected depend on the auditor'sjudgement, including the assessment of the risks of material misstatement of the financialreport, whether due to fraud or error. In making those risk assessments, the auditorconsiders internal controls relevant to the Board's and Registrar's preparation and fairpresentation of the financial report in order to design audit procedures that are appropriatein the circumstances, but not for the purpose of expressing an opinion on the effectivenessof the entity's internal controls. An audit also includes evaluating the appropriateness of

Grant Thornton Audit Pty Ltd ACN 130 913 594, a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389.

GrantThornton Australia Limited is a member firm within Grant Thornton International Ltd. Grant Thornton International Ltd and the memberfirms are not a worldwide partnership. Grant Thornton Australia Limited, together with its subsidiaries and related entities, delivers its servicesindependently in Australia.Liability limited by a scheme approved under Professional Standards Legislation.

GrantThornton

accounting policies used and the reasonableness of accounting estimates made by the Boardand Registrar, as well as evaluating the overall presentation of the financial report.

We believe that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion.

IndependenceIn conducting our audit, we have complied with the applicable independence requirementsof the Accounting Professional and Ethical Standards Board.

Auditor's OpinionIn our opinion,

a the financial report of Optometrists Registration Board of Western Australia

i gives a true and fair view, in all material respects, the Board's financial position as at17 October 2010 and of its performance and cash flows for the period then ended ;

and

e

complies with Australian Accounting Standards (including the AustralianAccounting Interpretations) and the relevant legislation.

GRANT THORNTON AUDIT PTY LTDChartered Accountants

W VibertDirector - Audit & Assurance

Perth, 22 August 2010

Grant Thornton Audit Pty Ltd ABN 94 269 609 023, a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389.

Grant Thornton Australia Limited is a member firm within Grant Thornton International Ltd. Grant Thornton International Ltd and the member

firms are not a worldwide partnership. Grant Thornton Australia Limited, together with its subsidiaries and related entities, delivers its servicesindependently in Australia.

Liability limited by a scheme approved under Professional Standards Legislation.


STATEMENT OF COMPREHENSIVE INCOMEFOR THE PERIOD ENDED 17 OCTOBER 2010

Note 17 October2010

$

30 June2010

$REVENUE

Licence fees 27,385 101,695

Registration fees 2,285 7,200

Interest received 6 8,936Restoration fees 600

29.676 118,431

EXPENDITURE

Secretarial and administration fees 21,108 60,000Printing, postage and stationery 1,180 3,639Contribution The Optometry Council 114,532

Other expenses 8,535 54,372

30,823 232,543

Profit/(deficit) before income tax expense (1,147) (114,112)

Income tax expense 1(b)

TOTAL COMPREHENSIVE PROFIT/(LOSS) FOR THE 2 (1,147) (114,112)PERIOD

The accompanying notes form part of this financial statement

15


STATEMENT OF FINANCIAL POSITIONAS AT 17 OCTOBER 2010

Note 17 October2010

$

30 June2010

$CURRENT ASSETS

Cash and cash equivalent assets 5 189,801 314,964Trade and other receivables 3 3,146 3,062

TOTAL CURRENT ASSETS 192,947 318,026

TOTAL ASSETS 192,947 318,026

CURRENT LIABILITIES

Trade and other payables 4 74,478 198,410

TOTAL CURRENT LIABILITIES 74,478 198,410

TOTAL LIABILITIES 74,478 198,410

NET ASSETS 118,469 119,616

EQUITY

Accumulated surplus 2 118,469 119,616

TOTAL EQUITY 118,469 119,616


16


STATEMENT OF CHANGES IN EQUITYFOR THE PERIOD ENDED 17 OCTOBER 2010

Balance as at 1 July 2009

Net deficit for the period

Balance as at 30 June 2010

Net deficit for the period

Balance as at 17 October 2010

AccumulatedSurplus

$

233,728

(114,112)

Total

$

233,728

(114,112)

119,616

(1,147)

119,616

(1,147)

118,469 118,469


17


STATEMENT OF CASH FLOWSFOR THE PERIOD ENDED 17 OCTOBER 2010

Cash flows from operating activities

Note 17 October2010

$

30 June2010

$

Receipts from registrants 6,335 111,318Interest received 6 10,182Payments to suppliers (132,949) (145,683)Goods and services tax recovered 1,445 11,065

Net cash used by operating activities 6 (125,163) (13,118)

Net decrease in cash held (125,163) (13,118)Cash at the beginning of the period 314,964 328,082

Cash at the end of the financial period 5 189,801 314,964


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NOTES TO THE FINANCIAL STATEMENTSFOR THE PERIOD ENDED 17 OCTOBER 2010

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

This financial report is a general purpose financial report that has been prepared in accordance withAustralian Accounting Standards, Australian Accounting Interpretations and other authoritativepronouncements of the Australian Accounting Standards Board and the requirements of theOptometrists Act 2005.

The financial report covers the Optometrists Registration Board of Western Australia as anindividual entity. The Board is incorporated in Western Australia under the Optometrists Act 2005.

The following is a summary of the basis of preparation and the material accounting policies adoptedby the Board in the preparation of the financial report. The accounting policies have beenconsistently applied, unless otherwise stated.

Basis of Preparation

The financial report has been prepared on an accruals basis and is based on historical costs modifiedby the revaluation of selected non-current assets, and financial assets and financial liabilities forwhich the fair value basis of accounting has been applied.

Accounting Policies

a) Income and Expense RecognitionLicence fees are brought to account as income on a time expiry basis under the accrualsmethod of accounting.

Expenses are brought to account under the accruals method of accounting in the year incurred.

b) Income TaxThe income of the Optometrists Registration Board of Western Australia is exempt from taxpursuant to Section 24AQ of the Income Tax Assessment Act 1936.

c) Goods and Services TaxRevenue and expenditure is stated net of the amount of the goods and services tax (GST).

The Australian Taxation Office has advised and ruled that registration fees are exempt fromGST. The Board, however, pays GST on its supplies and obtains credit refunds quarterly uponlodgement of its Business Activity Statement.

d) Cash and Cash EquivalentsCash and cash equivalents include cash on hand, deposits held at-call with banks, other short-term highly liquid investments with original maturities of three months or less, and bankoverdrafts. Bank overdrafts are shown within borrowings in current liabilities on the statementof financial position.

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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)

e) Trade and Other PayablesTrade and other payables represent the liability outstanding at the end of the reporting periodfor goods and services received by the registration board during the reporting period, whichremain unpaid. The balance is recognised as a current liability with the amounts normallypaid within 30 days of recognition of the liability.

0 Adoption of New and Revised Accounting StandardsDuring the current period, the registration board has adopted all of the new and revisedAustralian Accounting Standards and Interpretations applicable to its operations whichbecame mandatory.

g)

The adoption of these Standards had no impact on the recognition, measurement anddisclosure of certain transactions.

Accounting periodWith the effect from 18 October 2010, the activities of the Board were transferred to theOptometrists Board of Australia and the assets and liabilities of the Board transferred to theAustralian Health Practitioner Agency (Refer to Note 14). This annual report is therefore forthe period 1 July 2010 to 17 October 2010. The comparative balances are for the year ended30 June 2010.

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2. ACCUMULATED SURPLUS

17 October2010

30 June2010

Accumulated surplus at the beginning of the financial period 119,616 233,728Net deficit attributable to the period (1,147) (114,112)

Accumulated surplus at the end of the financial period 118,469 119,616

3. TRADE AND OTHER RECEIVABLES

Sundry receivable 1,445 2,539Goods and services tax recoverable 1,701 523

3,146 3,062

4. TRADE AND OTHER PAYABLES

Creditors and accruals 10,163 110,760

Fees received in advance 64,315 87,650

74,478 198,410

5. CASH AND CASH EQUIVALENTS

Cash at bank and on hand 189,801 314,964

6. CASH FLOW INFORMATION

Recognition of cash flow from operations with netsurplus/(deficit) after income tax expenseNet surplus/(deficit) (1,147) (114,112)

Non cash flows in surplus/(deficit):Changes in operating assets and liabilities:(Increase)/decrease in receivables (84) 1,712

Increase/(decrease) in payables (123,932) 99,282

Net cash provided/(used) by operating activities (125,163) (13,118)

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7. AUDITORS' REMUNERATION

Audit of the financial report

8. KEY MANAGEMENT PERSONNEL

(a) The names of the persons who weremembers of the Optometrists RegistrationBoard of Western Australia at any time duringthe financial period are:-

Ms A DurackMr G FitzpatrickMs L JansenMr M LaiMs L WegrzynowskiMr S LeslieMs K EdelmanMs L Kerrigan-Benson

(b) Remuneration

17 October 30 June2010 2010

$ $

3,200 3,500

Aggregate income received, or due andreceivable by the members of the Boardfrom the Board 1,500 20,580

9. SEGMENT REPORTING

The Board operates as a statutory registration body within Western Australia.

10. FINANCIAL INSTRUMENTS

a) Interest Rate RiskThe Board's exposure to interest rate risk arises on financial assets and financial liabilitiesrecognised at the end of the reporting period whereby a future change in interest rates will affectfuture cash flows.

b) Liquidity RiskLiquidity risk arises from the possibility that the board might encounter difficulty in settling itsdebts or otherwise meeting its obligations related to financial liabilities. The board manages riskthrough the following mechanisms:

pre-paring forward-looking cash flow analysis in relation to its operational, investing andfinancing activities;only investing surplus cash with major financial institutions; andproactively monitoring the recovery of unpaid subscriptions.

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NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 17 OCTOBER 2010

10. FINANCIAL INSTRUMENTS (cont'd)

The table below reflects an undiscounted contractual maturity analysis for financial assets andliabilities.

Cash flows realised from fmancial assets reflect management's expectation as to the timing ofrealisation.

Actual timing may therefore differ from that disclosed.

Eh/uric/a/ liability and financial assets maturity analysis

Financial assets

Within 1 Year17 Oct 30 June2010 2010

1 to 5 Years Over 5 Years Total2011 2010 2011 2010 17 Oct 30 June

2010 2010$ $

Cash and cash equivalents 189,801 314,964 189,801 314,964

Receivables 3,146 3,062 3,146 3,062

Total anticipated inflows 192,947 318,026 192,947 318,026

Financial liabilitiesTrade payables and accruals 10,163 110.760 10,163 110,760

Total contractual outflows 10,163 110,760 10,163 110,760

Net (outflow)/inflow onfinancial instruments

182,784 207,266 182,784 207,266

c) Credit RiskThe maximum exposure to credit risk, excluding the value of any collateral or other security, atbalance date to recognised financial assets is the carrying amount, net of any provisions forimpairment, as disclosed in the statement of financial position and notes to the financial statements.

The Board does not have any material credit risk exposure to any single debtor or group of debtorsunder financial instruments entered into by the Board.

d) Net Fair ValuesThe aggregate net fair values and carrying amounts of financial assets and financial liabilities aredisclosed in the statement of financial position and in the notes to the financial statements.

23



10. FINANCIAL INSTRUMENTS (cont'd)

e) Capital Risk ManagementThe Board's management of capital risk is by way of holding cash funds in a major Australianbanking institution that is regulated by APRA. Funds that are surplus to immediate operatingrequirements are held in fixed interest term deposits with a maturity date of no more than 1 year.

11. NEW ACCOUNTING STANDARDS AND INTERPRETATIONS

At the date of this report, there were a number of Accounting Standards and Interpretations that wereissued but not yet effective, however the Board anticipates that the adoption of these Standards andInterpretations in future reporting periods will have no material impact on the Board.

12. EMPLOYEES Number NumberNumber of employees at balance date-

13. COMMITMENTS AND CONTINGENCIES

As per AASB 108 30 there are no outstanding commitments or contingencies of the OptometristsBoard as at 17 October 2010.

14. SUBSEQUENT EVENTS

Transfer of Board's Assets and LiabilitiesUnder Section 295 of the Health Practitioner Regulation National Law Act 2009, the assets andliabilities of the Board as at 18 October 2010 were transferred to the Australian Health PractitionerAgency on that day. The funds are to be kept by the Agency in an Agency Fund for the OptometryBoard of Australia.

15. BOARD DETAILS

The principal place of business of the Board is:

Level 4130 Stirling StreetPERTH WA 6000

24

AUDITORS' DISCLAIMER

The additional financial data presented on page 26 is in accordance with the books and records of TheOptometrists Registration Board of Western Australia which have been subject to the auditing proceduresapplied in our statutory audit of the Board for the period ended 17 October 2010. It will be appreciated thatour statutory audit did not cover all details of the additional financial data. Accordingly, we do not express anopinion on such financial data and no warranty of accuracy of reliability is given.

In accordance with our Firm policy, we advise that neither the Firm nor any member or employee of the Firmundertakes responsibility arising in any way whatsoever to any person in respect of such data, including anyerrors or omissions therein, arising through negligence or otherwise however caused.

GRANT THORNTON AUDIT PTY LTDChartered Accountants

(i4ti

J. W. VibertDirector Audit & Assurance

2-AVi 141Dated

Perth, Western Australia

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DETAILED INCOME AND EXPENDITURE STATEMENTFOR THE PERIOD ENDED 17 OCTOBER 2010

17 October2010

$

30 June2010

$

REVENUE

Interest 6 8,936

Licence fees 27,385 101,695

Registration fees 2,285 7,200Restoration Fees 600

29,676 118,431

Less:

EXPENDITURE

Auditors' remuneration 3,200 3,500

Advertising 203

Bank charges 470 2,210

Board members fees 1,356 19,091

Consultants 135 146

Contribution The Optometry Council 114,532

CORA Conference expenses 1,671

Courier 75 144

Entertainment 2,953 1,997

Nationalization 1,327 18,515

Printing, postage & stationery 1,180 3,639

Parking 4 134

Registrars fees 19,781 60,000

Superannuation contributions 144 672

Telecommunications 198 2,449

Travelling expenses 3,640

30,823 232,543

OPERATING DEFICIT FOR THE PERIOD (1,147) (114,112)

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the optometrists registration board of...ocanz, also at cora's request, is reviewing its...

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